Problem 5-1A (Static) Compute the net pay for Evelyn Khan and Margaret Rheinhart. Assume that they are paid a $2,500 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Evelyn: Box 2 is not checked, and the dependents are under 17. (Round your intermediate calculations and final answers to 2 decimal places.) Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhart-cafeteria plan Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhart-cafeteria plan Fling Status MJ MJ S S Gross Earnings Dependents 2417 2417 0 0 Taxable Wages for Federal or State WH Hourly Rate or Period wage $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 Taxable Wages for FICA Number of Regular Hours Federal WH Number of Overtime Hours Number of Holiday Hours Social Security Tax Medicare WH Tax Commissions State Wi Tax Gross Earnings Net Pay
Problem 5-1A (Static) Compute the net pay for Evelyn Khan and Margaret Rheinhart. Assume that they are paid a $2,500 salary biweekly, subject to federal income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of hours. Additional information for Evelyn: Box 2 is not checked, and the dependents are under 17. (Round your intermediate calculations and final answers to 2 decimal places.) Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhart-cafeteria plan Name Evelyn Khan-no cafeteria plan Evelyn Khan-cafeteria plan Margaret Rheinhart-no cafeteria plan Margaret Rheinhart-cafeteria plan Fling Status MJ MJ S S Gross Earnings Dependents 2417 2417 0 0 Taxable Wages for Federal or State WH Hourly Rate or Period wage $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 Taxable Wages for FICA Number of Regular Hours Federal WH Number of Overtime Hours Number of Holiday Hours Social Security Tax Medicare WH Tax Commissions State Wi Tax Gross Earnings Net Pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:es
Name
Evelyn Khan-no cafeteria plan
Evelyn Khan-cafeteria plan
Margaret Rheinhart-no cafeteria plan
Margaret Rheinhart-cafeteria plan
Problem 5-1A (Static)
Compute the net pay for Evelyn Khan and Margaret Rheinhart. Assume that they are paid a $2,500 salary biweekly, subject to federal
income tax (use the wage-bracket method) in Appendix C and FICA taxes, and have no other deductions from their pay. They have a
state tax rate of 3 percent. If they choose to participate in the cafeteria plan, the deduction for the pay period is $100; otherwise, there
is no deduction for the cafeteria plan. The cafeteria plan qualifies under Section 125. You do not need to complete the number of
hours. Additional information for Evelyn: Box 2 is not checked, and the dependents are under 17. (Round your intermediate
calculations and final answers to 2 decimal places.)
Name
Evelyn Khan-no cafeteria plan
Evelyn Khan-cafeteria plan
Margaret Rheinhart-no cafeteria plan
Margaret Rheinhar-cafeteria plan
Filing Status
MJ
MJ
S
S
Gross Eamings
Dependents
217
2<17
0
0
Saved
Taxable Wages
for Federal or
State WH
Hourly Rate or
Period wage
$ 2,500.00
$ 2,500.00
$
2,500.00
2,500.00
$
Taxable Wages
for FICA
Number of
Regular Hours
Federal WH
Number of
Overtime Hours
Number of
Holiday Hours
Help
Social Security Tax Medicare WH Tax
Save & Exit Submit
Commissions
State WH Tax
Check my work
Gross Eamings
Net Pay
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